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May 21, 2020 • Issue 1008
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Don't miss out — register for TODAY's webinar!
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Oakmont Properties Acquires Fusion 355 Multifamily Complex Near Denver for $90M
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Located in Broomfield, Colo., Fusion 355 features 286 apartments, a fitness center, swimming pool with spa and community garden.
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BROOMFIELD, COLO. — Sacramento, Calif.-based Oakmont Properties has purchased Fusion 355, an apartment property located at 355 Eldorado Blvd. in Broomfield’s Interlocken neighborhood. Stockton, Calif.-based AG Spanos sold the asset for $90 million.
Built in 2019, Fusion 355 features 286 apartments in a mix of apartment and townhome floor plans with in-unit washers/dryers, ceiling fans, storage units, vaulted ceilings and hardwood flooring. <Read more>
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Content Partner: Walker & Dunlop
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Focus on Phoenix: Multifamily Sector Shows Promise Despite Turbulence
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Phoenix multifamily housing total sales volume compared to median price per unit over the past two decades (including the Great Recession).
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Just over a decade ago, a booming Phoenix market experienced a confluence of trends — rampant overbuilding, followed by a national economic crisis that meant a spike in unemployment and a near halt in population growth. One of the biggest commercial real estate downturns in the region’s history soon followed. Ten years later, however, the picture was quite different.
Prior to the COVID-19 outbreak, Phoenix multifamily metrics were solid through the first quarter of 2020 and supported by some of the strongest employment and household growth in the nation. In 2019, Phoenix added more than 82,000 new jobs — a 3.3 percent increase, the second highest job growth in the country.1 The economy today is much more diverse than it was 10 years ago during the last downturn. <Read the full article>
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Webinar: California Retail Reboot
TODAY, May 21, 10:45 a.m. PDT
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As California moves forward and begins reopening businesses, we look at what the impact of the COVID-19 pandemic on the retail sector.
How will California retailers adapt? What do retailers need to succeed?
How will landlords and retail property owners support tenants and customers?
What do brokers need to know about the retail landscape?
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In Case You Missed It
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COVID-19 Changes How Office Owners Approach Music Licensing
NAIOP Sentiment Index Drops Below 50 for the First Time Since Its Inception
Outlook is Bright for Student Housing in Post-COVID-19 World, Says Developer
J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt Restructuring
CoStar Group Agrees to Purchase Ten-X for $190M
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Development News
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Greenlight Communities Completes Two Affordable Housing Properties in Phoenix
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Cabana on 12th in Phoenix features 252 apartments, a swimming pool, Zen garden, co-workspace and controlled access.
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PHOENIX — Greenlight Communities has completed the development of two affordable housing properties in Phoenix. Totaling 478 units, the properties are Cabana on Washington at 5300 E. Washington St. and Cabana on 12th at 4225 N. 12th St.
Cabana on Washington features 226 units in a mix of studio, one- and two-bedroom layouts with rents starting at $899 per month. Cabana on 12th offers 252 units in a variety of studio, one- and two-bedroom floor plans with rents starting at $849 per month. <Read more>
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Terreno Realty Completes 51,000 SF Industrial Redevelopment Project in Seattle
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SEATTLE — Terreno Realty Corp. has completed the $15.9 million redevelopment of an industrial property located on Sixth Avenue South in Seattle.
The redeveloped property consists of a newly renovated, 51,000-square-foot distribution facility on approximately 1.7 acres two miles from downtown Seattle. The asset is adjacent to Seattle’s Port and SoDo districts.
Additionally, Terreno has executed a lease for 100 percent of the property with a leading manufacturer of electric vehicles.
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Panorama Plans 109-Unit Seniors Housing Community in Los Angeles’ Eagle Rock
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LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles.
KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022.
The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. <Read more>
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Coronavirus Coverage
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Coronavirus Resources for the Commercial Real Estate Industry
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As concerns about coronavirus mount and the stock market is impacted, REBusinessOnline has compiled a number of commercial real estate industry reports to help readers find the information they need.
The reports are organized by relevance and timeliness. Please check back often for new resources as they become available.
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| Western Real Estate Business |
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Industry & Company News
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Brad Umansky Named President of Retail Brokers Network
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RANCHO CUCAMONGA, CALIF. — Retail Brokers Network (RBN) has named Brad Umansky, owner and president of Rancho Cucamonga, Calif.-based Progressive Real Estate Partners, as the president of the national retail networking group.
In this volunteer role, Umansky will lead RBN Executive Committee and work with the other committee members to grow the RBN brand, represented the organization at industry events, recruit new firms and facilitate education. Additionally, he will lead internal networking events and share brokerage “Best Practices” between the 57 RBN member offices representing more than 700 retail specialists across the United States.
The 2020-2021 Executive Committee includes:
- President-Elect: Bryan Holt, Southpace Properties
- Vice President of Operations: Rob Samtmann, Equity Retail Brokers
- Vice President of Marketing: Brian Sorrentino, ROI Commercial Real Estate
- Vice President of Finance: Joseph Valenti, Centennial Retail Services
- Secretary: Stanton Hudmon, Pine Street/RPS
- Past President: Tom Bruss, Founders 3 Real Estate Services
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SRS Real Estate Partners Opens Las Vegas Office, Hires Frank Volk to Lead
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LAS VEGAS — Dallas-based SRS Real Estate Partners has added Frank Volk as managing principal in the firm’s newest office in Las Vegas. In this role, Volk will lead SRS’ 27th office and establish its presence in the Las Vegas Valley.
With more than 15 years of experience in the Las Vegas market, Volk is considered an authority on retail in Las Vegas’ tourist areas, including the Las Vegas Strip. He currently serves as a consultant for three hotel and casino projects in Las Vegas.
Most recently, Volk served with Newmark Knight Frank via the firm’s acquisition of RKF.
Over the past five years, SRS Real Estate Partners has implemented eight new offices, including both Las Vegas and Washington, D.C., this year.
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More Western News
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Stan Johnson Co. Brokers $2.2M Sale of Dollar General-Occupied Property in Central California
IRA Capital Buys Medical Office Building in Orange County for $38.4M
Marcus & Millichap Negotiates $9M Sale of Walgreens-Occupied Retail Asset in Tempe, Arizona
Hunt Real Estate Capital Provides $20.8M HUD Refinancing for Rio Vista Apartments in San Diego
CBRE Provides Freddie Mac Financing Package for Carlton Senior Living Totaling $58M
Route 66 Properties Acquires Creative Office Asset, Airplane Hangar in Scottsdale
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Market Reports
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Reno Office Market Capitalizes on Relocations from Places Like California
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McKenzie Properties is developing Skypointe, a speculative office project in Reno, Nevada.
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The Reno/Sparks office market is in a unique position: caught in the throes of a rapidly expanding commercial marketplace and aided by an ever-increasing population base. The most vibrant commercial real estate sectors in our area are industrial and multifamily, and they have been for decades. The office market is also seeing new companies, new developers and new buildings.
For the first time in many years, we will see a true speculative office development begin construction this summer. McKenzie Properties will be going vertical with its Skypointe development. <Read the full article>
This article originally appeared in the May 2020 edition of Western Real Estate Business.
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